A noticeable number of affluent Americans are making plans to move out of the U.S. following the recent election. Lawyers and advisors who work with high-net-worth families and family offices have observed a growing interest in obtaining second passports or long-term residencies in foreign countries. This shift is not entirely new but has gained momentum in recent years, especially after the COVID-19 pandemic. Today, many wealthy individuals seem determined to act on their interest in international relocation.
A survey conducted by a consulting firm specializing in immigration programs for the wealthy, revealed that 53% of American millionaires are considering relocating abroad after the election. Interestingly, the inclination to move is even higher among younger millionaires; 64% of those aged 18 to 29 are highly interested in pursuing “golden visas,” which offer residency or citizenship through investment in another country like Portugal, Greece, Spain, Malta etc. This interest in alternative residency options is clearly resonating with younger high-net-worth individuals who see international opportunities for lifestyle and security enhancements.
Since the COVID-19 pandemic, this trend among the wealthy has only strengthened. For some, this move is motivated by non-political reasons, such as the desire to retire in a country with a warmer climate and lower cost of living, or to be closer to family members who reside abroad. The potential benefits are varied, and these families often weigh quality of life, safety, and accessibility as critical factors in their decision to explore international relocation options.
One of the primary reasons the ultra-wealthy Americans are considering foreign residency or dual citizenship is to mitigate what they see as a concentrated risk tied to U.S. citizenship. Just as these individuals diversify their investment portfolios to reduce financial risk, they are now building “passport portfolios” to spread out their geopolitical risk. By holding citizenship or residency in multiple countries, they believe they are better positioned to respond to economic and political shifts that might impact their assets or personal security.
Another aspect that appeals to the wealthy is the flexibility that a non-U.S. passport can offer when traveling to regions that might be less receptive or potentially hostile to Americans. Having a secondary passport or residency option can provide a layer of security and ease of movement in a world where international relations can be unpredictable.
For affluent Americans considering a move abroad, the decision often stems from a mix of social, economic, and personal concerns. Beyond financial and lifestyle factors, some are driven by apprehension about social issues in the U.S. Attorneys working with high-net-worth individuals say that many cite reasons such as mass school shootings, potential political violence, rising antisemitism and Islamophobia.
The Caribbean is another favoured region for affluent Americans and individuals of other nationalities looking to obtain a second passport. For example, purchasing an approved property in Antigua and Barbuda for over US$300,000 can put an applicant on the path to citizenship. A passport from Antigua allows the holder to travel freely to countries such as Hong Kong, Russia, Singapore, the U.K., and the EU. Likewise, St. Lucia has seen rising interest from many seeking a straightforward route to a secondary passport.
For those who are eligible, lineage citizenship offers a simpler, often less costly alternative to investment visas. People with ancestral ties to countries such as Ireland or Italy can apply for citizenship based on their family heritage. This path is generally more affordable and requires less upfront financial commitment than investment visas. Additionally, Portugal offers retirement visas, which provide a more accessible path for retirees seeking residency and citizenship without the need for large investments. Portugal’s retirement visa program has become highly popular among retirees for its reasonable entry requirements and excellent quality of life.
However, those planning a move shouldn’t expect immediate results. As more individuals join the queue for second citizenships and residencies, the application process has become considerably lengthier. Applications are subject to numerous background checks, verification processes, and approvals, which means that the process can take months, if not more than a year.
For wealthy Americans, it’s not just about moving away from the U.S.; it’s also about creating a safety net in an increasingly interconnected and unpredictable world. Citizenship in another country can offer both personal security and financial flexibility, allowing high-net-worth individuals to navigate global uncertainties with greater freedom.
In the end, the choice to pursue a second passport or residency abroad reflects the broader trend of diversification among the wealthy. Just as they spread their investments to manage risk, many are now spreading their residency and citizenship options for added security. From the idyllic beaches of the Caribbean to the historic cities of Europe, affluent individuals are weighing the potential of an international life that offers not only a change of scenery but also a new layer of security and stability for the future.
For a lot of High Networth Individuals, Europe is among the most popular destinations for those seeking a fresh start abroad. Countries like Portugal, Malta, Greece, Spain, and Antigua are favoured for their attractive residency-by-investment programs, appealing climates, and welcoming cultures.
In short, the trend of seeking foreign residency or citizenship has been on the rise for some time and is expected to continue gaining momentum. For some, it’s about lifestyle changes, for others, it’s about family, and for many, it’s about risk management. As the world becomes increasingly interconnected yet geopolitically complex, more and more wealthy people are looking to create a “passport portfolio” as part of their broader personal and financial strategies.
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